Dan Fumano: Bike lanes, towers, renter protections Broadway plan debate drags on
Dan Fumano
The Vancouver Sun
Dan Fumano
The Vancouver Sun
Posted in Real Estate Related | Comments Off on Vancouver’s council made significant amendments to the long-awaited and widely debated Broadway plan
Avison Young
Western Investor
The shopping centre covers 2.65 acres and is seen as an investment opportunity in a community near Edmonton, Alberta
Property type: Retail
Location: 140 Athabasca Avenue, Sherwood Park, Alberta
Property size: 29.878 square feet
Land size: 115,434 square feet
Land size in acres: 2.65 acres
Zoning: CS (Service commercial)
Sale price: $7.25 million
Date of sale: March 14, 2022
Brokerage: Avison Young, Edmonton
Brokers: Reed Newnham, James Robertson and Karnie Vertz
© 2022 Western Investor
Posted in Real Estate Related | Comments Off on 2.65 acres retail at Sherwood Park sells for $7.25 million
Avison Young
Western Investor
The Marquis Lands are within Greater Edmonton and currently agriculture but slated as a riverfront residential development under the local structure plan.
Property type: Land
Location: 18103-17 Street NE, Edmonton
Land size: 2,616,213.6 square feet
Land size in acres: 60.06 acres
Zoning: Agriculture Zoning
Potential: Future use consisting of single/semi-detached residential under Marquis Neighbourhood Structure Plan.
List price: $4.2 million
Sale price: $3.35 million
Date of sale: January 31, 2022
Brokerage: Avison Young, Edmonton
Brokers: Reed Newnham and Darren Snider
© 2022 Western Investor
Posted in Real Estate Related | Comments Off on 60.06 acres land in Edmonton sells for $3.35 million
Carla Wilson
Western Investor
The 11,900-square-foot waterfront house sold for $13.195 million, setting a new record for a sale through the Multiple Listing Service in the region
An 11,900-square-foot waterfront house in the Uplands area of Oak Bay, B.C., has sold for $13.195 million, setting a new record for a sale through the Multiple Listing Service in the region.
The 3155 Beach Dr. house, built in 2016, has five bedrooms and eight bathrooms and is set on 1.67 acres. Features include a glass wine cellar, two butler’s pantries, double islands in the kitchen and parking for six vehicles.
A Canadian buyer purchased the property but the name was not immediately available.
The previous sale record was set a year ago, when a Metchosin property at 529 Swanwick Rd. changed hands for $12 million. That property features a 10,500-square-foot house that has won architecture awards.
Prior to that, the most expensive sale through the MLS service was a $10.5-million estate in the Uplands that sold in 2006.
The listing agent for 3155 Beach Dr., Lisa Williams of Sotheby’s International Realty Canada, said the property attracted interest from other parts of Canada, the U.S. and around the world.
The new record is for MLS-listed properties only.
A home on Towner Park Road in North Saanich — where Prince Harry and Meghan Markle stayed in the winter of 2019 — went on the market for $18 million in 2012. It was not marketed within MLS and the sale price was not made public.
The current highest price listed for a house in the capital region on MLS is $16.75 million for 8338 West Saanich Rd., set on 6.8 acres on the waterfront. Once owned by now-disgraced investment advisor Ian Thow, the property includes a 60-foot-long dock, a helipad and a two-bedroom carriage house for guests.
In 1999, the house won an award from the Canadian Home Builders’ Association for best single-family detached home of more than 3,500 square feet.
The new record-holder in the Uplands is among other large estates lining Oak Bay’s waterfront, where some of the capital region’s most valuable homes are situated. Properties next to Saanich Inlet in Central and North Saanich also have some of the highest assessments in Greater Victoria.
“In times of global uncertainty, Canadian real estate is regarded not only as a ‘safe haven’ financial investment, but as a literal ‘safe harbour’ offering personal safety and security,” said Don Kottick, chief executive of Sotheby’s International Realty Canada.
Rising property prices have put single-family homes increasingly out of reach for many Greater Victoria residents. In May, the benchmark value for a single-family home in the core — Oak Bay, Victoria, Esquimalt, Saanich and View Royal — was $1.446 million, an increase of 24 per cent from the same month in the previous year, according to the Victoria Real Estate Board.
Prices are expected to soften slightly as more homes come on a market that has seen little supply.
© 2022 Western Investor
Posted in Real Estate Related | Comments Off on Oak Bay is setting a new record for sale through the multiple listing service in the region
Zoocasa Staff
other
For a first-time homebuyer, the type of home you buy can make or break your financial goals to come. So it’s vital to buy a “house type” that is affordable, suitable for your lifestyle, and has the greatest potential for value appreciation. Of course, everyone’s situation will differ, but some housing types are more advantageous for specific demographics.
Standard Housing Types for the First Time Home Buyer
No house is off-limits for a first time home buyer, although some are more popular for newbies. The Ontario real estate market (and the Toronto real estate market in particular) has an abundance of all housing types, so there is no shortage of options.
Typical “First Time” Houses for New Homeowners
Choosing the right house for a first time homebuyer in the Ontario real estate market involves more than satisfying personal taste. It’s essential to work with a real estate agent who can find the best options so that first time buyers don’t overlook key purchase factors.
Ideal Housing Type Based on Price for the First Time Home Buyer
Price is often the ultimate deciding factor for aspiring homeowners. It’s why your dream home may not always be your first. Amenities, location, and design can all influence the price of a home, but the type of house
alone can make a place more or less affordable.
For a first time home buyer in the GTA, a townhouse or condo townhouse will likely be the most affordable housing type. You might find semi-detached homes and condos on the lower end if you venture to the outskirts or out of the GTA.
With that said, some areas in the GTA have below-average prices that may better suit a first-time homebuyer.
Affordable Housing in the GTA Based on Location (Average Price as of May 2022)
Oshawa Detached Housing: $921,748
Orangeville Semi-Detached Housing: $676,000
Orangeville Condo Townhouse: $605,000
Oshawa Condo: $503,079
Finding the Home Closest to Your Dream
There’s no one-size-fits-all approach for first time home buyers. The standard house that new homeowners choose may not be the one that works for you and vice-versa.
With that said, it’s crucial to work with an Ontario real estate agent and brokerage who can help you choose the best housing type. They will eliminate the guesswork and make your first purchase seem like less of a gamble.
Are you a first time home buyer? Get in touch with Zoocasa so that you can find the house or condo of your dreams.
Considering Getting Into The Market This Spring?
Sign Up for a Free Buyer Consultation
© 2015 – 2022 Zoocasa Realty Inc., Brokerage
Posted in Real Estate Related | Comments Off on Ideal housing type for first time home buyer
Fergal McAlinden
other
Is the market simply experiencing a correction?
As interest rates continue to rise and home sales experience a marked cooldown from the barnstorming activity of the past two years, there’s been much furore of late over the prospect of a housing market crash in Canada.
Still, members of the country’s mortgage industry don’t appear convinced the bottom is about to fall out of Canada’s housing and mortgage markets. Rather, many have emphasized to Canadian Mortgage Professional in recent weeks that homebuying activity across the country is experiencing an inevitable drop toward more normal levels, having witnessed an unprecedented spike throughout the low-rate environment of the early pandemic.
Shubha Dasgupta (pictured), president and CEO of the Pineapple broker network, used an analogy to describe the recent slowdown in Canada’s housing market, noting that activity remained high by historical standards but had tailed off compared with the blistering pace set since April 2020.
“The last couple of years, we’ve been going at 150 km/h down a 100 km/h highway, and right now we’re slowing back down to around that 100-120 km/h range,” he said. “So really, we haven’t even dipped below the speed limit yet. We’re still above it – we’re breaking in and around that, but it just feels like we’re going a lot slower.”
The eyewatering home price appreciation of the last two years – which has seen prices surge by 50% in some markets – was never going to last, Dasgupta said, with the recent trend toward lower activity reflecting the natural ebb and flow of the market.
“The mortgage and real estate market always runs in cycles, and it’s a normal part of any healthy cycle,” he said. “The price growth that we’ve seen over the last few years was never going to be sustainable.”
Read more: Canada home prices – why they’re falling
Home prices in many cities have fallen month over month in the current rising rate environment, although most remain well above their levels at the same time last year.
The actual national home price sat at around $746,000 in April, according to the Canadian Real Estate Association, a figure that was 7.4% higher than the same month in 2021 despite the impact higher rates have had on the housing market.
In the Greater Vancouver Area, the benchmark price for a detached home in May (just under $2.1 million) had fallen by a minuscule 0.4% since April, but was up 15% on a year-over-year basis. Attached homes, meanwhile, saw prices surge 21.5% over May 2021, even though they fell 0.6% from the previous month, said the Real Estate Board of Greater Vancouver (REBGV).
In Toronto, while overall sales dropped by almost 40%, prices had still risen by almost 10% between May 2021 and last month, according to the Toronto Regional Real Estate Board (TRREB).
Indeed, while there’s been some moderation on the home price front, Dasgupta said he did not believe that would be a permanent or pervasive trend.
“As the market continues to cool… [and] slow down a little bit and open doors for other opportunities, there could be some relief for prices from that perspective,” he said. “However, I don’t feel that it would be long-lasting.
Read more: Brokerage president on market uncertainty
“We’re seeing tremendous growth trajectory in the country. Immigration is at all-time highs… We’re just going to be seeing more and more people that require homeownership and that would obviously begin to push prices higher over time.”
Mortgage Scout’s Christelle Mwamba (pictured below) was also adamant that the market isn’t about to plummet into disaster, noting that the pandemic had brought about a unique buying frenzy that was always bound to be temporary.
“I want to make sure everybody knows we are not going to crash,” she told CMP. “We’re not crashing, it’s just a correction. It’s really important for people not to focus too much on the headlines and actually be knowledgeable.”
Mwamba highlighted the need for buyers and existing mortgage holders to have a solid mortgage professional on hand to educate and explain what’s currently happening in the market right now, especially since rising interest rates are causing undue concern to a lot of borrowers.
“The only thing that’s scaring people is the fact that we’ve never seen rates go up this much so fast – but we were about to go this high [before March 2020],” she said. “It’s just that the pandemic really held us up.”
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Posted in Real Estate Related | Comments Off on Home buying activity across the country is experiencing an inevitable drop | CMP
Pete Evans
CBC Radio
Inflated house prices and high household debt levels are a major vulnerability to Canada’s economy, the Bank of Canada warned in a report assessing the strength of the country’s financial system on Thursday.
The Bank of Canada says anyone who got a mortgage recently should expect to see higher rates when they renew. (Bloomberg)
High house prices and debt loads associated with them are a major vulnerability to Canada’s economy, the Bank of Canada said Thursday, warning buyers who bought during the pandemic that the impact of even slightly higher mortgage rates could be dramatic.
In its Financial System Review, the central bank said that while the country’s financial system is strong and weathered the pandemic well, the economy remains vulnerable because of elevated debt levels tied to the country’s increasingly expensive housing market.
“Even as the average household is in better financial shape, more Canadians have stretched to buy a house during the pandemic,” Bank of Canada Governor Tiff Macklem said Thursday. “And these households are more exposed to higher interest rates and the potential for housing prices to decline.”
The bank said that assessing risks related to high household debt levels has become more complex, but overall “the vulnerability has increased.”
Roughly two thirds of Canadians are home owners, and about half of them own their homes outright while the remaining have some sort of mortgage debt attached to it.
Raising lending rates slowed housing market
Home prices increased by about 50 per cent, on average, during the pandemic, as low rates allowed buyers to qualify for larger loans while still keeping the ongoing payments relatively affordable.
Much of those inflated house prices have been built on a foundation of debt. Almost one in five Canadian households are now considered “highly indebted,” which means their debt to income ratio is 350 per cent or more, the bank says.
Prior to the pandemic, only one in every six were that much in debt. Barely 20 years ago, in 1999, only one out of every 14 households had that much debt.
“Those numbers mean that each rate hike will inflict more pain on the economy than it would have in the past,” said Desjardins economist Royce Mendes.
WATCH | Why Canada’s economy needs higher interest rates:
Bank of Canada explains why we need higher rates
Central bank governor Tiff Macklem says the economy needs higher interest rates to bring down inflation, despite the potential pain that higher rates may bring to the housing market.
And those rate hikes have already started. After slashing its benchmark interest rate at the outset of the pandemic, in March of 2022 the bank began to raise its benchmark lending rate from 0.25 per cent at the start of the year to 1.5 per cent today, and the impact on the housing market has been almost immediate, with sales volumes slowing, along with average selling prices.
“Given the unsustainable strength of housing activity, moderation in housing would be healthy,” Macklem said. “But high household debt and elevated house prices are vulnerabilities.”
As part of its analysis of how resilient the financial system is in the face of various shocks, the bank examined what the impact of higher rates and lower selling prices might look like.
Mortgage costs could go up 30%
As part of that, the bank crunched the numbers on what might happen to the mortgages of recent home owners when their loans come up for renewal in five years.
The bank makes the assumption that in 2025 and 2026, variable rate loans will cost 4.4 per cent in five years, while fixed rate loans will be slightly higher at 4.5 per cent.
Those rates represent about a two-per-cent increase on where variable rates are today, and roughly equivalent to where rates are right now on the fixed-rate side.
Under that scenario, the 1.4 million Canadians who got a mortgage in 2020 or 2021 would see their median monthly cost go up by $420, or 30 per cent upon renewal.
The impact on fixed-rate borrowers would be slightly less, as they’d see their payments go from $1,260 on average when they first got their loan, to $1,560 a month at renewal, for an increase of 24 per cent.
WATCH | Rising mortgage rates could hurt people on tight budgets:
Rising mortgage rates threaten people with tight budgets
Homeowners and home-seekers have their plans foiled by the long-term trend of rising interest rates.
But variable rate borrowers are even more vulnerable, under the bank’s thought exercise, as their typical monthly payments go from $1,650 a month when they got their loan to $2,370 when they renew. That’s an increase of 44 per cent.
“If those in highly indebted households lose their jobs, they would likely need to reduce their spending sharply to continue servicing their mortgage,” Macklem said.
“This is not what we expect to happen … But it is a vulnerability to watch closely and manage carefully,” Macklem said.
Other risks beyond housing
Vulnerability to the housing market was only one portion of the Financial System Review, which is the bank’s broad assessment of the health of the economy and its ability to withstand various shocks.
Some of the other vulnerabilities cited include cyber threats given the interconnected nature of the financial system and the fragile liquidity in fixed-income markets.
The bank also warned about the growth of cryptocurrencies and their volatility.
“Like other speculative assets, cryptocurrencies are vulnerable to large and sudden price declines. And recently, some stablecoins have failed to deliver on their promise of stability,” Deputy Governor Carolyn Roger said.
The bank also says Russia’s invasion of Ukraine has further complicated the transition to a low-carbon economy and assets exposed to the fossil-fuel sector, such as those found in the pensions and retirement savings of many Canadians, are in greater danger of being worth significantly less than anticipated.
ABOUT THE AUTHOR
Pete Evans
Senior Business Writer
Pete Evans is the senior business writer for CBCNews.ca. Prior to coming to the CBC, his work has appeared in the Globe & Mail, the Financial Post, the Toronto Star, and Canadian Business Magazine. Twitter: @p_evans Email: [email protected]
©2022 CBC/Radio-Canada. All rights reserved.
Posted in Real Estate Related | Comments Off on Home prices increased by about 50% on average during the pandemic
REBGV Staff
REBGV
At a glance (2 minute read)
On June 2, 2022, Canada Mortgage and Housing Corporation (CMHC) announced it had changed the rules for the government’s Place to Call Home First-Time Home Buyers Incentive program.
The incentive, a federal shared-equity mortgage program introduced in 2019, offers five or 10 per cent of a home’s purchase price to put toward a down payment.
This is in addition to the first-time buyer’s down payment and lowers mortgage carrying costs, making home ownership more affordable.
CMHC is limiting its share in the appreciation of a home. Home owners will now be required to pay back up to eight per cent per year on the incentive amount from the date of advance to the time of repayment.
CMHC is also limiting its share in the depreciation of a home at the time of repayment up to a maximum loss of eight per cent per year.
First-time home buyers in Metro Vancouver are now eligible for:
To date, only 500 first-time buyers in BC, and 15,800 Canada-wide, have received this incentive.
Read CMHC’s Update announcement to the First-time Home Buyer Incentive.
Read how the federal First-time Home Buyer Incentive works.
©‘REBGV’ is a registered trademark.
Posted in Real Estate Related | Comments Off on CMHC to introduce limits on first-time home buyer incentive amid falling home prices
Avison Young
Western Investor
The gas station and store on a 0.48-acre site is on a highway commercial corridor in the Alberta city
Avison Young, Edmonton, for Western Investor
Property type: Retail
Location: 2702 50th Avenue, Lloydminster, Alberta
Size of property: 2,000 square feet
Land size: 20,908.8 square feet
Land size, in acres: 0.48 acres
Zoning: C2 – Highway commercial corridor
Sale price: $815,000
Date of sale: April 7, 2022
Brokerage: Avison Young, Edmonton
Brokers: Reed Newnham and James Robertson
© 2022 Western Investor
Posted in Real Estate Related | Comments Off on 0.48 acres retail in Lloydminster sells for $815,000
London Pacific Property Agents Inc.
Western Investor
Total sale price of two units was $620,000 above the BC Assessment value for a combined 2,690 square feet in the Surrey Heath Science Centre
London Pacific Property Agents Inc., Vancouver, for Western Investor
Property type: Office strata
Location: Units 204 and 302, 13798 94A Avenue, Surrey, B.C.
Number of units: 2
Size of property: 2,690 square feet (total).
Zoning: C-8
BC Assessment value: $1.32 million
Sale price: $1.95 million
Date of sale: May 13, 2022.
Brokerage: London Pacific Property Agents Inc., Vancouver
Broker: Mike Guinan-Browne
© 2022 Western Investor
Posted in Real Estate Related | Comments Off on 2 units office strata in Surrey sells for $1.95 Million
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